Page 309 - Business Finance

Wall Street tumbles as tech shares slide

US stocks extended losses as the market was dragged down by a steep sell-off in tech-related shares.

Incumbency wave in India, Australia boosts stocks of Adani group

NEW DELHI/BENGALURU (Reuters) - Shares in various Adani Group companies, including those of flagship Adani Enterprises Ltd, surged on Monday after exit polls predicted Indian Prime Minister Narendra Modi would return to power, even as Australian poll results also spelled good news for the Indian conglomerate.

Nilekani advises certification for skills in food services

Indicating formalisation of the food services industry was inevitable in India, Infosys co-founder Nandan Nilekani on Monday advised stakeholders to have a certification system for skills of their employees in the supply chain.

Flash Electronics files suit against Royal Enfield in US for patent infringement

Electric auto components maker Flash Electronics India on Monday said it has filed a law suit against Eicher Motors Ltd's Royal Enfield in the US for alleged patent infringement of a component used in two-wheeler vehicles.

Ford to layoff 7,000 white-collar workers

American automaker company Ford will be laying off 7,000 white-collar workers as part of their austerity measures which will help the company save around 600 million US dollars a year.The latest cut will affect 10 per cent of Ford's salaried staff worldwide. Around 2,400 jobs cuts are in North America and 1,500 positions will be eliminated through voluntary buyout offer, according to CNN.The workers will start receiving the pink slips from Tuesday and all terminations will be completed by August-end, as per a letter issued by CEO Jim Hackett on Monday.The company has been making eliminations as part of a massive restructuring of its business. As per the plan, they are set to shut down three plants in Russia and one factory each in Europe and Brazil.Even though Ford is doing fairly well on the domestic front, it has struggled overseas. It reported losses in South America, Asia, and Europe, despite doing well in North America.The automaker's job-cuts are similar to what its rival, ...

Ford to cut 7,000 jobs, 10% of global salaried staff

Ford plans to cut 7,000 jobs, or 10 percent of its global salaried workforce, as part of a reorganization as it revamps its vehicle offerings, the company said Monday. The downsizing will involve some layoffs and reassignments of white-collar staff and should be complete by the end of August, a Ford spokeswoman said. Ford has been phasing out most sedan models in the United States as more consumers have opted for pickup trucks and sport utility vehicles. The move, which began last year and follows some job cuts announced earlier in other regions, will lead to 800 layoffs in North America in total, including about 500 this week, said Ford spokeswoman Marisa Bradley. The company has yet to determine all of the specifics in other regions, she said. The actions, expected to save about $600 million a year, come as Ford ramps up investment in electric cars and autonomous driving technology, eyeing future growth in those businesses even as current profitability is tied closely to sales of ...

Regulatory assets of power sector stand at Rs 76,963 cr: Report

With total outstanding regulatory assets of thermal power sector across the country reaching Rs 76,963 crore, the proposed bond issuance programme through the securitisation of such receivables will be beneficial to both investors and borrowers, according to India Ratings. According to the quantum of existing regulatory assets analysed by the rating agency as per the latest tariff orders till FY2017-18-FY2018-19, the top three states including Uttar Pradesh, Maharashtra and Jharkhand, account for around 87 per cent of the current regulatory assets market worth Rs 76,963 crore. "The regulatory assets' securitisation market in India is evolving, and the issuance of bonds secured by regulatory assets is still in the nascent stage. However, we believe both borrowers and investors would benefit from such transaction," its Senior Analyst Arijeet Maji said. Regulatory assets include receivables from consumers allowed by regulatory authorities. Of the total regulatory assets, nearly 97 per ...

BCCI CEO Johri wants increment, officials question validity (Lead with correction in para 1)

The Board of Control for Cricket in India (BCCI) CEO Rahul Johri who is paid an annual gross salary of Rs 5,76,36,000 other than the allowances and other benefits, has requested the Supreme Court-appointed Committee of Administrators (CoA) to look into his increment process and the same is set to be discussed during the meeting of the committee on May 21 in the Capital. With CoA chief Vinod Rai giving the go-ahead to Johri's request for immediate attention, the matter is set to be brought up when the three committee members -- Rai, Diana Edulji and Ravi Thodge meet on Tuesday.

Court questions Punjab, Haryana on free power to rich farmers

The Punjab and Haryana High Court on Monday questioned Punjab and Haryana governments on free or subsidized power given to rich farmers.

Indian Terrain signs up with Dhoni, to expand network

With the signing of Indian cricket icon Mahendra Singh Dhoni as its brand ambassador, men's wear major Indian Terrain Fashions Ltd plans to double its retail network to 300 outlets as it looks at a turnover of Rs 650 crore in three years time, a senior company official said.

Trai to focus on limited issue of regulatory imbalance between OTTs telcos: Chairman

Telecom regulator Trai on Monday said the scope of its consultation process on over-the-top applications (OTTs) is limited to examine if there are any regulatory imbalances between telecom service providers (TSPs) and OTT players and will see if it can come out with a regulation or recommendation or order on the issue in the next one month.

Sebi proposes changes to norms for municipal bonds issuance

Sebi Monday proposed changes to regulations for issuance of municipal bonds as part of efforts to enable fund raising by bodies similar to municipalities. Besides, the minimum subscription amount for municipal bonds on a private placement basis be reduced to Rs 10 lakh from the current Rs 25 lakh in a bid to align it with corporate bonds. Currently, minimum subscription for corporate bond on private placement is Rs 10 lakh. While urban development bodies and other agencies carry out functions which are similar to municipality, they are not defined as municipalities under constitution, thereby making them ineligible to raise funds through issue of debt securities under the ILDM (Issue and Listing of Debt Securities by Municipalities) regulations, Sebi said. Accordingly, it is proposed to widen the scope of issuer to include any statutory body or authority, trust or agency established under an Act of Parliament or an Act of the State Legislature or any SPVs notified by state government

Flash Electronics files suit in US against Royal Enfield for patent infringement

Auto component manufacturer Flash Electronics India Monday said it has filed a suit against niche bike maker Royal Enfield in the US for patent infringement regarding production of an electronic component. The Pune-based company in the lawsuit said Royal Enfield has infringed its patent on 'Regulator Rectifier Device' and method for regulating an output voltage of the same. The company claimed the patent for its product was duly issued by the United States Patent & Trademark Office (USPTO) on February 20, 2018, after its research and development team came up with the component in 2014. Since then, Flash Electronics has been the key manufacturer and supplier of this component to many leading two-wheeler manufacturers in India and overseas, it said in a statement. Royal Enfield in a statement said though it has received no official communication, it has learnt of a lawsuit filed in the US by Flash Electronics Pvt Ltd. that alleges that one of the components used in some of our ...

Government to sell up to 25% in RailTel

The government is looking at listing Railtel, the telecom arm of the Indian Railways, on the bourses by September to off-load up to 25 per cent of its stake and has invited merchant bankers to join it by the second week of next month to take the process forward.

Tata Motors Q4 net dips 49% to Rs 1,109 cr; expects tepid demand

Tata Motors Monday reported a 49 per cent decline in consolidated net profit to Rs 1,108.66 crore for the quarter ended March 31, mainly due to lower revenues and exceptional charge on account of its British arm Jaguar Land Rover. The company had posted a consolidated net profit of Rs 2,175.16 crore in the corresponding period previous fiscal. Its total consolidated revenues during the period under review stood at Rs 87,285.64 crore as against Rs 91,643.44 crore in the year-ago period, registering a decline 4.75 per cent. During the quarter, JLR had announced a voluntary redundancy programme and accordingly had an exceptional charge of Rs 1,367.22 crore. For the entire 2018-19, the company posted a consolidated net loss of Rs 28,724.20 crore, compared to net profit of Rs 9,091.36 crore in 2017-18, mainly on the back of the impairment charge of Rs 27,837.91 crore being recognised in the third quarter of FY2019. Total income stood at Rs 3,04,903.71 crore for the last fiscal as against ..

ArcelorMittal to pay Rs 42K cr for Essar Steel takeover: Co tells NCLAT

Global steel major ArcelorMittal Monday told the National Company Law Appellate Tribunal (NCLAT) that it would pay Rs 42,000 crore, including a minimum of guarantee of Rs 2,500 crore as working capital, for acquiring debt-laden Essar Steel under the insolvency process. Senior advocate Harish Salve appearing for ArcelorMittal also accused Ruias, former Essar Steel promoters, of creating hurdles in the resolution process of the bankrupt steelmaker. According to him, there have been eight attempts by Ruias to create hurdles in the insolvency resolution process of Essar Steel. The NCLAT is hearing a batch of appeals filed by several stakeholders challenging NCLT's approval to ArcelorMittal's resolution plan for Essar Steel. Countering the allegation of Standard Chartered bank over valuation of Essar Steel, Salve submitted that the liquidation value of Essar Steel was Rs 15,800 crore and ArcelorMittal India is paying almost three times, which is "fair", "reasonable" and "adequate" to meet .

Bank credit to infra sector grows 18.5% in FY19: RBI data

Bank credit to infrastructure sector grew by 18.5 per cent to Rs 10.55 lakh crore as of 2018-19, the highest since 2012-13 fiscal, RBI data showed. Outstanding bank credit to the sector was Rs 8.91 lakh crore as at March 2018. In the fiscal year ended March 2013, loans to infrastructure sector had grown by 15.83 per cent to Rs 7.29 lakh crore. In FY18 and FY17, growth in bank credit to the sector was negative at 1.7 per cent and 6.1 per cent, respectively. "Just because banks are sitting on pile of bad loans from the infrastructure sector, we cannot completely stop lending to the sector. There are couple of companies in the sector that are doing well," said the head of a public sector bank. Since the growth in the manufacturing sector is subdued, banks are also willing to lend to the infrastructure segment, he said. Earlier banks had curtailed lending to the sector due to higher NPAs. "Post the asset quality review conducted by the RBI, all the NPAs from the infrastructure sector have

Exit polls: Nifty ends with largest point gain since 2008 (Roundup)

The Nifty on Monday advanced by a massive 421.10 points to 11,828.25, its largest gain since 2008, as exit polls showed the BJP-led National Democratic Alliance getting a comfortable majority in the just-concluded general election.

'Indian food service sector size Rs 4 lakh cr, employs 7.3 mn'

Riding on urbanisation, rising income levels and improved investment climate, India's food service sector has grown at 11 per cent in the last three years and is estimated at Rs 423,865 crore in 2018-19, proving employment to some 7.3 million people, a report released on Monday said.

Torrent Pharma posts Q4 net loss of Rs 152 cr

Drug firm Torrent Pharmaceuticals Monday reported a consolidated net loss of Rs 152 crore for the quarter ended March 31, 2019, mainly on account of exceptional items. The company had posted a net profit of Rs 228 crore for the corresponding period of the previous fiscal, Torrent Pharmaceuticals said in a filing to the BSE. The company's consolidated revenue from operations stood at Rs 1,856 crore for the quarter under consideration. It was Rs 1,708 crore for the same period year ago. Net loss of Rs 152 crore for the fourth quarter is on account of exceptional items of Rs 357 crore and lower hedging gains, the company said. Out of Rs 357 crore exceptional items, Rs 217 crore pertains to impairment provision of certain intangible assets under development and goodwill recognised with respect to the acquisition of Bio-Pharm Inc and Rs 140 crore is in relation to product recalls made during the current year, it added. For the fiscal year ended March 2019, the company posted a net profit ..